@techreport{Caporale2009International,
abstract = {The aim of this paper is to provide new empirical evidence on the impact of international financial integration on the long-run Real Exchange Rate (RER) in 39 developing countries belonging to three different geographical regions (Latin America, Asia and MENA). It covers the period 1979-2004, and carries out second-generation tests for non-stationary panels. Several factors, including international financial integration, are shown to drive the long-run RER in emerging countries. It is found that the new financial environment characterised by international financial integration leads to a depreciation of the RER in the long run. Further, RER misalignments take the form of an under-valuation in most MENA countries and an over-valuation in most Latin American and Asian countries.},
address = {Berlin},
author = {Guglielmo Maria Caporale and Thouraya Hadj Amor and Christophe Rault},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {E31; F0; F31; C15; 330; Emerging economies; real exchange rate; financial integration; misalignment; second-generation panel unit-root and cointegration tests; Kaufkraftparit\"{a}t; Internationaler Finanzmarkt; Marktintegration; Panel; Unit Root Test; Kointegration; Schwellenl\"{a}nder; Asien; Lateinamerika; MENA-Staaten},
language = {eng},
number = {941},
publisher = {Deutsches Institut f\"{u}r Wirtschaftsforschung (DIW)},
title = {International financial integration and real exchange rate long-run dynamics in emerging countries: some panel evidence},
type = {Discussion papers // German Institute for Economic Research},
url = {http://hdl.handle.net/10419/29740},
year = {2009}
}
